Stretched Out After Earnings

Netflix is leading the charge higher after earnings, maintaining its status as a marquee market winner. In addition, Google is attempting to emerge from a very long corrective period, since early-2014, headed into its own earnings report tonight. 

While that is playing out, mega cap Intel is seeing a monstrous initial gap higher last night after earnings nearly faded entirely. On the updated weekly chart, below, note the significance of the $29 level, a downsloping "neckline" of a potential major head and shoulders top. INTC could easily churn sideways into Labor Day, though, before I would expect real downside movement. 

But a wildcard may be the strengthening the Dollar, too, as the UUP ETF held its 150-day moving average valiantly this spring and summer on pullbacks. If the Dollar does stage another meaningful leg higher from current levels I suspect the ripples between commodities, Treasuries, and other asset classes could wreak a bit of havoc, much more than the VIX at 12 could be pricing in at the moment.

For now, equities continue to drift higher in a broad range.